Bentley Systems’ Q4 Subscription Revenue Jumps 13%, UBS Raises Target to $43
UBS raised its price target for Bentley Systems from $40 to $43, citing an 11.5% rise in constant-currency annual recurring revenue to $1.462 billion. In Q4 subscription revenues grew 13% to $356.6 million, driving total revenues up 11.9% to $391.6 million and adjusted EPS to $0.27.
1. UBS Raises Price Target
UBS increased Bentley Systems' price target from $40 to $43 while retaining a Neutral rating, citing accelerating annual recurring revenue momentum.
2. Q4 Revenue and ARR Growth
In the fourth quarter of 2025, subscription revenues rose 13% year over year to $356.6 million, contributing to total revenues of $391.6 million, an 11.9% increase. Constant-currency annualized recurring revenue reached $1.462 billion, up 11.5%.
3. Profitability Metrics
Operating income margin expanded to 20.0%, and adjusted operating margin climbed to 24.1%, excluding stock-based compensation. Adjusted EPS increased to $0.27 per share, while net income per diluted share was $0.18.
4. Cash Flow and Full-Year Results
Operating cash flow totaled $141.6 million in Q4, including $136.2 million of free cash flow. For the full year, Bentley generated $1.502 billion in revenue, with $1.377 billion from subscriptions, and reported increases across margins, EPS, and cash flows.